Diversified manufacturer Dover Corp. posted a second-quarter profit that handily beat expectations on Friday, raised its forecast, and said order rates are running ahead of shipments. Dover, which is based in Downers Grove, reported net earnings of $169.9 million, or 90 cents per share, up from $97.1 million, or 52 cents a share, a year before.
Filed under: Earnings
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Ford posts $2.6B 2Q profit
Ford Motor Co posted stronger-than-expected quarterly earnings and said it was on track for “solid profits” in 2010 and higher profits in 2011, sending its shares up 4 percent in premarket trade.
Second-quarter net profit rose to $2.6 billion from $2.26 billion a year earlier. Earnings per share fell to 61 cents from 69 cents due to an increase in outstanding shares. Revenue was $31.3 billion, up $4.5 billion.
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Sales gains drive McDonald’s 2Q profit up 12.8%
McDonald’s Corp. said high traffic and new menu items such as frappes and smoothies helped propel its second-quarter profit 12.8 percent to $1.2 billion, from $1.09 billion in the same period a year ago.
The Oak Brook-based company’s earnings per share grew 15 percent from the year-ago period to $1.13.
“McDonald’s second quarter reflects strong top-line and bottom-line results with each area of the world generating higher comparable sales, traffic and profits,” CEO Jim Skinner said in a statement. Get the full story »
Dominick’s parent cuts outlook, citing prices
Supermarket operator Safeway Inc., which own Dominick’s grocery stores in Chicago, cut its full-year outlook, saying it underestimated the extent of falling grocery prices in a weak economy, and its shares fell 1.5 percent.
At the height of the recession, grocery stores embarked on a price war to attract and hold onto customers. Now, as the economy improves slightly but unemployment remains high, food manufacturers are backing aggressive price cuts to woo back shoppers they lost to lower-priced store labels. Get the full story »
July 22, 2010 at 11:35 a.m.
Filed under: Bank failures, Banking, Chicago executives, Earnings, Economy, Real estate MB Financial stock drops after earnings disappoint
Shares of MB Financial fell 6.9 percent in mid-day trading, after the Chicago-based bank reported a threefold rise in the money it set aside for bad loans and warned that the economy will remain weak and volatile well into 2011 and possibly into 2012.
MB Chief Executive Mitch Feiger noted during an earnings conference call with analysts that the new federal financial reform bill is “relatively benign,” particularly for banks with assets of less than $15 billion. But he said the bank is a “little worried” about a provision that would lengthen an already “painfully slow” foreclosure process in Cook County. Currently, it can take 18 months to 24 months from the time that a bank initiates a foreclosure until the time it takes possession of the property. Get the full story »
Exelon profit slides 32%, but beats street
Exelon Corp., the largest U.S. nuclear power operator, posted a 32 percent drop in quarterly profit Thursday as weaker margins from its power plants weighed, but it topped Wall Street expectations and raised its full year earnings forecast. Get the full story »
Caterpillar raises outlook as 2Q profit beats forecast
Caterpillar Inc. reported a stronger-than-expected quarterly profit Thursday, and raised its full-year outlook, citing continued strong sales growth in emerging markets. The world’s largest maker of construction and mining equipment posted a second-quarter profit of $707 million, or $1.09 a share, up from $371 million, or 60 cents a share, a year earlier. Get the full story »
Baxter profit falls 9% on Greece debt, flat sales
Medical product giant Baxter International Inc. reported second quarter profit dropped 9 percent on declining sales in its biosciences unit and from the costs of a settlement with the financially troubled Greek government.
Baxter, which makes blood therapies and medication delivery devices, said net income fell to $535 million, or 90 cents a share, from $587 million, or 96 cents a share. Revenues rose 2 percent to $3.19 billion. Get the full story »
Hub Group 2Q income up on better freight market
From Forbes | A stronger freight market sent Hub Group Inc.’s profit up 15 percent in the second quarter, the logistics and trucking company said Wednesday.
Netflix revenue lags Street expectations
Netflix Inc’s second-quarter revenue missed Wall Street’s expectations as more subscribers opted for lower-priced plans, and the company’s shares fell more than 9 percent after hours. Get the full story »
Northern Trust profit, revenue fall
Northern Trust Corp posted higher-than-expected second-quarter profit as servicing fees and foreign exchange income increased from the first quarter. Chicago-based Northern Trust, whose services include asset management and record-keeping, reported a profit of $199.6 million, or 82 cents per share, down from $314.2 million, or 95 cents, a year earlier.
Starbucks profit matches expectations
The Seattle-based chain, which has just completed a restructuring, raised its fiscal 2010 earnings target to $1.22 to $1.23 per share, from $1.19 to $1.22 per share previously. Analysts on average were looking for a profit of $1.23 for the fiscal year ending September 2010. Get the full story »
AA reports 2Q loss, management shake-up
American Airlines announced it was shaking up its senior management team after reporting a second-quarter loss at a time when competitors like United and Delta Airlines posted their largest profits in years.
Texas-based American, which with United dominates Chicago’s O’Hare International Airport, is promoting chief financial officer Tim Horton to the role of president. Get the full story »
Abbott 2Q profit flat on charges
Abbott Laboratories reported flat second-quarter earnings thanks to charges related to research and legal expenses and costs of its flurry of acquisitions in the last year. The North Chicago-based medical product giant reported earnings of $1.29 billion, or 83 cents a share in the period ended June 30. That compares with $1.28 billion, or 83 cents in the second quarter of 2009. Get the full story »
RC2 second-quarter results top Wall Street
Toymaker RC2 Corp RCRC.O posted a better-than-expected second-quarter profit aided by better international sales, and forecast a marginal fall in profit for the third quarter. Get the full story »
